Western

Pinnacle Healthcare Buys Creative Office Building in Tempe for $8.4M

by Amy Works January 10, 2020

TEMPE, ARIZ. — Oregon-based Pinnacle Healthcare has purchased 1860 West University, a creative office building located in Tempe. iT1 Source sold the asset for $8.4 million, or $314 per square foot. The seller, an IT solutions company, will continue to occupy the property through a long-term lease. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix, along with Colton Trauter and Bill Blake of Lee & Associates in Phoenix represented the seller in the deal. Renovated in 2018, the single-story, 26,750-square-foot building features open/collaborative floor plans, superior-quality interior finishes, a rooftop solar power system, excellent ingress/egress and a parking ratio of 4.3 spaces per 1,000 square feet.

January 10, 2020

Acquisitions California Retail Western

SBH Real Estate Group Acquires 5,324 SF Vacant Retail Building in Burbank, California

by Amy Works January 10, 2020

BURBANK, CALIF. — SBH Real Estate Group has purchased a single-tenant building located 1750 W. Olive Ave. in Burbank for an undisclosed price. Built in 1974, the asset features a 5,324-square-foot building situated on a 22,406-square-foot land parcel with 24 parking stalls. Formerly occupied by US Bank, the drive-thru building was delivered vacant. Lee Shapiro of Kennedy Wilson handled the transaction. The name of the seller was not released.

January 10, 2020

Arizona Market Reports Office Western Western Market Reports

Office Demand Remains Strong in Phoenix, Though Concerns Persist

by Taylor Williams January 10, 2020

Phoenix experienced 1.8 million square feet of absorption and an overall office vacancy rate dipping to 17 percent by the end of 2019. Now that the New Year is here, the city is poised to continue its positive progression as healthcare, science, technology and the professional office service sector continue to show steady employment growth. Arizona ranked third in the U.S. with 2.6 percent job creation, as of the third quarter of 2019. That’s 74,000 new jobs for the year, including 6,900 jobs in the science and technology sector and 14,000 new jobs in the recession-resistant healthcare sector. Companies are focused on finding cost-effective, business-friendly office environments and submarkets with access to top talent, and Phoenix checks all those boxes. Much of the state’s top talent is Millennials and Generation Z who are increasingly willing to move to lower cost of living cities that boast a high quality of life. Arizona ranked No. 1 in inbound state migration in 2018, with 273,714 inbound arrivals. We expect to see similar positive net migration numbers in 2019. The Census Bureau estimates that Phoenix will be the fourth most populous city in the U.S., with a population of 2.2 million, by the end …

January 10, 2020

Acquisitions Retail Washington Western

Vestar Purchases Six-Property Retail Portfolio in Metro Seattle for $95M

by Amy Works January 9, 2020

LYNNWOOD, WASH. — Vestar has purchased a six-property, 297,599-square-foot retail portfolio in Lynnwood for $95 million. The seller was the original developer of the properties, which were built between 1997 and 2002. The six properties are Alderwood Parkway Place, Alderwood Parkway Plaza, Alderwood Parkway Plaza II, Golde Creek Plaza, Golde Creek Plaza II and Golde Creek Plaza III. The properties are all located at the northeast and northwest corners of Alderwood Mall Parkway and 196th Street SW, near Alderwood Mall 17 miles north of downtown Seattle. At the time of sale, the portfolio was fully leased a variety of tenants including Best Buy, Ulta, Nordstrom Rack, DSW Shoe Warehouse, Barnes & Noble and Old Navy. Paul Sleeth and Billy Sleeth of Newmark Knight Frank represented the seller in the transaction.

January 9, 2020

California Civic Development Mixed-Use Multifamily Office Restaurant Retail Western

Triad Lagoon Valley Acquires 840 Acres for Mixed-Use Development in Vacaville, California

by Amy Works January 9, 2020

VACAVILLE, CALIF. — Triad Lagoon Valley, a Washington limited liability company affiliated with Seattle-based Triad Development, has purchased 840 acres from Lennar Corp. for an undisclosed price. The buyer plans to develop Lagoon Valley, a mixed-use community on the site. Lagoon Valley is approved as a conservation community, balancing jobs and housing, with more than 80 percent of its specific plan area entitled for open space/recreational use. Site grading is slated to commence in May, with building construction scheduled to begin in early 2021. Lagoon Valley will include Class A office space, 12 residential neighborhoods and a variety of recreational components. The office portion — Ascend @ Lagoon Valley — will feature seven four-story buildings ranging in size from 700,000 square feet to potentially 1 million square feet. Additionally, Ascend will offer a 30,000-square-foot amenity building with a fitness center, food and recreation space. Outdoor amenities at the property will include an amphitheater, sports courts and field space. Lagoon Valley is also surrounded by 2,000 acres of protected open space, including a 470-acre Lagoon Valley Park, 100-acre lake, a centrally located eight-acre public park and numerous neighborhood parks. The community will also include a fire station, a 50,000-square-foot town center …

January 9, 2020

Acquisitions California Retail Western

PECO Buys 59,796 SF Del Paso Marketplace in Sacramento

by Amy Works January 9, 2020

SACRAMENTO — Phillips Edison & Co. (PECO) has purchased Del Paso Marketplace, a shopping center in Sacramento, for an undisclosed price. The name of the seller was not released. The acquisition bolsters PECO’s presence in Northern California, representing the company’s fifth metro Sacramento shopping center. Situated at the intersection of Del Paso Road and East Commerce Way, Del Paso Marketplace features 59,796 square feet of retail space. A 29,296-square-foot Sprouts Farmers Market anchors the shopping center. Additional tenants include T-Mobile, Chipotle, Club Pilates, Cookie Cutters, Ono Hawaiian BBQ, State Farm and Jersey Mike’s Subs.

January 9, 2020

Development Hawaii Loans Retail Western

Pearlmark Closes $16.2M Investment for Niumali Marketplace Development in Hawaii

by Amy Works January 9, 2020

KAILUA-KONA, HAWAII — Pearlmark has closed on a $16.2 million mezzanine investment for the development of Niumalu Marketplace, a retail property in Kailua-Kona. Situated on 20 acres of fee-simple land, Niumalu Marketplace will feature 204,275 square feet of retail and commercial space, as well as 711 parking spaces. A 63,000-square-foot Safeway grocery store with a 27,000-square-foot gas pad will anchor the property. The sponsors, CREDE and two institutional equity capital partners, started construction on the site in October 2018 and are expected to complete the project in October. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. Centennial Bank provided a senior construction loan. George Smith Partners represented the borrower in securing the financing, while Bill Swackhamer arranged in the transaction in-house for Pearlmark.

January 9, 2020

Acquisitions California Retail Western

Cushman & Wakefield Arranges $15.3M Sale of Multi-Tenant Retail Building in San Diego

by Amy Works January 9, 2020

SAN DIEGO — Cushman & Wakefield has negotiated the sale of a freestanding retail building located in La Jolla Village in San Diego. Girard Avenue LP acquired the property from a private family trust for $15.3 million. Located at 1133-1147 Prospect St., the multi-tenant property features 8,116 square feet of retail space. Mike Slattery, Jason Kimmel, Tim Winslow and Kevin Nolen of Cushman & Wakefield’s San Diego office represented the seller in the deal.

January 9, 2020

Acquisitions California Industrial Top Stories Western

Molson Coors to Halt Production at Metro Los Angeles Brewery, Sell Property for $150M

by Alex Tostado January 9, 2020

IRWINDALE, CALIF. — Molson Coors Beverage Co. (NYSE: TAP; TSX: TPX) will cease production at its Irwindale brewery by September. The Denver- and Montreal-based beer company has simultaneously entered into a purchase option agreement with Pabst Brewing Co. for the 40-year-old facility. Pabst has 120 days to exercise its purchase option, according to a filing with the Securities and Exchange Commission. The sales price was undisclosed, but multiple media outlets report the property will trade for $150 million. The brewery, which features iconic beer tanks highly visible from Interstate 210, opened in 1980 and houses 470 employees. The property is located at 15801 W. First St., 23 miles east of downtown Los Angeles. Until September, products produced in Irwindale will be transitioned to other breweries, primarily in Golden, Colo.; and Fort Worth, Texas. The company did not address the status of the 470 employees who currently work at the brewery. “This move will allow us to optimize our brewery footprint while streamlining our operations for greater efficiency across the network,” says Brian Erhardt, chief integrated supply chain officer for Molson Coors. “While it was a very difficult decision, we have extra capacity in our system, and Irwindale’s production can be …

January 9, 2020

California Development Restaurant Retail Western

Unibail-Rodamco-Westfield to Redevelop 160,000 SF Former Los Angeles Sears Store into Dining, Entertainment District

by Amy Works January 8, 2020

LOS ANGELES — Unibail-Rodamco-Westfield plans to redevelop the long-vacated former Sears department store in the Canoga Park neighborhood of Los Angeles into a new dining and entertainment district. The empty store is located in the Westfield Topanga & The Village shopping center. Slated to open in late 2021, the new district will feature a chef-driven food hall, sit-down restaurants, lounges, cocktail bars, interior and exterior boutiques, and entertainment and recreational activities, as well as landscaped indoor and outdoor public spaces and plazas. The renovation will also create a grand entrance for Westfield Topanga and improved connectivity with The Village. Neiman Marcus, Nordstrom, Macy’s, Target, Tesla, Apple, Microsoft, Anthropologie, Tiffany & Co., Gucci, Salvatore Ferragamo, Louis Vuitton, Cartier, Montblanc, Rolex and Saint Laurent are current tenants at Westfield Topanga & The Village, which is located at 6600 Topanga Canyon Blvd.

January 8, 2020

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